Russian retailer Dixy said today (20 September) that its profits more than quadrupled in the first half of the year.

Dixy reported net profit of RUB554m (US$17.7m) for the six months to the end of June, up from the RUB126m filed for the first half of 2010.

Last year, when Dixy announced the results for the first six months of 2010, it then reported net profit of RUB74.8m.

A spokesperson said the difference between the number reported last year and that disclosed today was due to accounting changes Dixy made to follow industry practice and to “converge” its reporting policies with VICTORIA GROUP, which the retailer acquired earlier this year.

Dixy saw its EBITDA rise 39.4% to RUB2.47bn. The retailer said it had seen a “significant increase” in its EBITDA margin due to “improved pricing and flexible front-margin management”. It also pointed to its efforts to control costs.

The retailer said its revenue increased 21.8% to RUB37.39bn due in part to a 7.8% rise in like-for-like sales.

Dixy provided some data on its first-half results including a contribution from Victoria. Net profit reached RUB557m, EBITDA increased 43.3% to RUB2.5bn and revenue was up 27.6% to RUB39.2bn.